There are several different types of retirement accounts.

• An IRA account is a tax-favored investment account. Money is invested in stocks, bonds or mutual funds. Any interest grows tax free. You'll pay no taxes annually on investment gains which helps your investments grow quickly. 

• 401k is a workplace retirement accounts that's offered as a benefit to the employee. It allows you to contribue a portion of your pre-tax paycheck to tax-deferred investments.  This helps in reducing the amount of income that you must pay on tax for that year.

• SEP IRA (simplified employee pension) is for small business owners or for the self employed.

• Simple IRA- employers with few than 100 employees. The employer can either match or not their contributions.

• Roth IRA are not tax deductible beccause you are contributing after-tax dollars. Any money generated within the Roth is never taxed again. The money you earn can grow tax-free. You also pay no tax on withdrawals after 59 1/2 . Before age 59 1/2 yuo can withdraw your constribution not your earning without tax or penalties. 

• 401b are similar to 401k except these are for employees of non-profit or government employees. 

 

Annuities

All of these accounts can be moved and hold the same designation into an annuity that can guarantee against market volatility and loss of your hard earned savings. For information 

on how to do a rollover please feel free to contact me.